Bitcoin ($BTC) heads higher after consolidating

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As a seasoned crypto investor with a knack for spotting trends, I can confidently say that the current bullish momentum of Bitcoin ($BTC) has me more than just intrigued – it has me downright giddy! The sheer magnitude of its recent surge and the array of factors pointing towards further growth have my pulse racing.

After Bitcoin‘s significant price increase from early November and a subsequent phase of stability, it appears that the leading cryptocurrency may be poised to start another climb towards $100,000, and potentially even higher values.

An enormous price surge

After breaking out from its consolidation pattern (bull flag), the Bitcoin price has skyrocketed by approximately 42.6%, which translates to a significant increase of $27,000 in U.S. dollars. This remarkable price spike is undeniably substantial, and it’s not unexpected that the price has slowed down recently as the market adjusts to this massive upward shift.

To clarify, this temporary dip in price might be short-lived, considering that Bitcoin has already risen by approximately 2% today (Monday). Notably, the current Bitcoin price surpasses the upward trendline from last year’s bull market and is also above the 1.414 Fibonacci level.

Two major buyers

This optimistic movement in Bitcoin’s price might encourage U.S. Spot Bitcoin ETFs to resume purchasing. Last Thursday and Friday saw approximately 7,000 BTC being sold by these ETFs. However, it’s important to note that this is relatively small compared to the massive net inflows they experienced during the previous week.

It’s not only the U.S. Spot Bitcoin ETFs that could be buying. Michael Saylor recently posted an image on X with the MicroStrategy Bitcoin purchases (green dots) superimposed upon the Bitcoin price chart. He commented: I think http://saylortracker.com needs even more green dots.

Could the US swap gold into Bitcoin?

As a researcher, pondering over the current state of the financial world, I find myself intrigued by Senator Cynthia Lummis’ proposition. She has suggested exchanging a portion of the U.S.’s gold reserves for Bitcoin, an idea that could stir excitement among Bitcoin advocates. If the custodian of the global reserve currency were to establish a strategic Bitcoin Reserve and exchange some of its gold for Bitcoin, it might ignite a massive wave of buying from other sovereign nations, potentially causing a Bitcoin buying frenzy akin to a tsunami.

Short-term price triangle

On the 4-hour Bitcoin chart, we can see that the price is currently contained within a triangular pattern. Having surpassed the upward-sloping trendline and the 1.414 Fibonacci level, with an overall uptrend in place, it seems plausible that the BTC price will break out of this triangle to the upper side.

Plenty of upside momentum in 2-week chart

Over the past fortnight, the Bitcoin price graph offers a clear view of its movement. The powerful surge following the breakout of the bull flag has propelled the price towards an ascending trendline. If, in two weeks, the candle body closes above this line, it will significantly support the continuation of this bullish trend.

At the base of the graph, the Stochastic RSI indicates that Bitcoin’s price may have room to increase significantly, as both indicators are ascending, suggesting strong momentum for Bitcoin in the near future.

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2024-11-18 14:05